July 1 2014 – Market Update

Tue, 15 Jul by Dale Russell

Sales in June in Sylvan Lake came back down to normal while the number of active listings increased, bringing the market back into balance from one where sellers briefly had the advantage. The sales to listing ratio at 23.4% is probably closer to 30% when considering just the Town of Sylvan Lake. Our calculations include the summer villages around the lake where sales are slower for the higher priced homes there.

The price range that has been the most active ($250,000 ‐ $350,000) actually slowed a little in June while the number of listings increased, providing an opportunity for buyers in that price range. The $350,000 ‐ $450,000 price range is the one where sellers may still have a bit of an advantage.

The strong market we have experienced this year is the result of a strong economy that creates lots of jobs and encourages migration from the rest of Canada and the world. Population growth creates demand for new construction which is in itself an economic driver. In 2013 Alberta’s population grew by 3.25%, the fastest in Canada by double. In the first quarter of 2014, we managed a net gain of more than 9,500 people ‐ on pace for a 40,000 net gain for the year.